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Pacific National dumps C2FO early payment scheme

Jenny Wiggins, Simon Evans and Lucas Baird

Mar 22, 2021 – 11.30pm

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Rail haulage group Pacific National will scrap its use of early payments provider C2FO by the end of June and has hired specialist audit group Profectus to review payments its had made to suppliers amid concerns over “income discrepancies.”

Pacific National’s head of risk, Dirk Verwohlt, wrote to suppliers on March 9 - the day after supply chain finance group Greensill Capital declared insolvency - saying that the rail group had brought in Profectus to review accounts payable transactions and terms of trade agreements for “any income discrepancies” as part of an audit, according to a letter seen by The Australian Financial Review.

Jenny Wiggins writes on business, specialising in infrastructure, telecommunications and transport.

Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide.

Lucas Baird is a journalist based in The Australian Financial Review's Sydney office.